Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Downtown Office Incentive Agreement with Rise Brands Inc.
Headquartered in Columbus, Rise Brands Inc. (“Rise Brands”) manages and operates two unique retail concepts - Pins, which offers duckpin bowling, and 16-Bit, an arcade-styled bar. At the time of application, Rise Brands had six locations and anticipated having 10 total locations by the end of calendar year 2018 with potential dual concepts (both Pins & 16-bit in a single development) to be located in Nashville and Dublin. In calendar year 2019, the company has plans to open six more locations, all outside of Ohio. The company’s goal is to grow to 20 establishments by 2020 and is currently scouting new locations, most outside of Ohio.
Rise Brands intends to lease, renovate, equip, and occupy an approximately 13,000-square-foot vacant building located at 134 E. Long Street, Columbus, Ohio 43215 (“Project Site”) near their current office operations located at 123 Chestnut Street, Columbus, Ohio 43215. The relocation of operations to a larger office space will allow for the expansion of the company’s management and operations team at a unified headquarters.
The owner of the Project Site, Schottenstein Property Group, is expected to invest approximately $1,380,610 to ready the building for occupancy, which includes substantial investments related to the building envelope (roof, windows, entryways, etc.). Rise Brands anticipates investing approximately $2,000,000 - of which approximately $1,900,000 will be related to real property improvements - to renovate and equip the Project Site. Rise Brands anticipates retaining and relocating 15 existing full-time permanent positions with an associated annual payroll of approximately $1,322,265 to the Project Site from their current office operations and expects to create approximately 37 net new full-time permanent positions with an associated new annual payroll of appro...
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